Bank of America Layoffs Job Cut: to fire 35000 employees

Bank of America has decided to go for massive layoffs - around 35000 employees will be fired by the company. This is another setback to the ailing financial industry of the USA> Recently, Bank of America took over Merrill Lynch and these job cuts are said to be a part of consolidation process.

How many employees will be fire in the Bank of America Layoffs?
Around 35,000 jobs will be cut by Bank of America.

Will it be a one time job cut by Bank of America Layoffs?
No. This will be an extended exercise, and will go on over the next 3 years.

What are the reasons for Bank of America Layoffs?
BankAm recently took over the ailing Merrill Lynch bank for 29 $ per share. This layoff is a part of Merrill Lynch absorbtion and consolidation. Moreover, the economic situation is really bleak.

When will the Bank of America Layoffs be announced?
The job cuts are expected to be announced in early 2009. The cuts will come from both companies and will affect all lines of business. Bank of America had 247,000 employees, as of Sept. 30, while Merrill Lynch had 60,900 at the end of the third quarter.

While Bank of America had not announced any large-scale job cuts so far this year, Merrill Lynch eliminated about 3,300 employees since the fall of 2007, mainly in its global markets and investment banking division and in support areas.

Any specific class or segment of employee affected by Bank of America Layoffs
Bank of America is likely to keep many of Merrill Lynch's financial advisers, who numbered 16,850 at the end of September. Most brokers are also expected to be retained. However, the capital markets divisions - the traders, analysts and sales representatives - may not be spared.
Let's hope that alternative jobs are available to the affected employees of Bank of America Layoffs Job Cut.